FAHEX vs. FAHCX

Last updated Jun 4, 2026

FAHEX (Fidelity Advisor High Income Advantage Fund Class C) and FAHCX (Fidelity Advisor High Income Advantage Fund Class I) are both High Yield Bonds funds from Fidelity. Over the past 10 years, FAHEX returned 6.86%/yr vs 7.87%/yr for FAHCX. With a 0.95 correlation, they move nearly in lockstep. FAHEX charges 1.75%/yr vs 0.74%/yr for FAHCX.

Performance

FAHEX vs. FAHCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor High Income Advantage Fund Class C (FAHEX) and Fidelity Advisor High Income Advantage Fund Class I (FAHCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAHEX achieves a 7.15% return, which is significantly lower than FAHCX's 7.59% return. Over the past 10 years, FAHEX has underperformed FAHCX with an annualized return of 6.86%, while FAHCX has yielded a comparatively higher 7.87% annualized return.

FAHEX

• 1D: 0.38%
• 1M: 2.10%
• YTD: 7.15%
• 6M: 8.05%
• 1Y: 15.73%
• 3Y*: 11.33%
• 5Y*: 5.63%
• 10Y*: 6.86%

FAHCX

• 1D: 0.40%
• 1M: 2.15%
• YTD: 7.59%
• 6M: 8.53%
• 1Y: 16.85%
• 3Y*: 12.32%
• 5Y*: 6.58%
• 10Y*: 7.87%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FAHEX vs. FAHCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAHEX Fidelity Advisor High Income Advantage Fund Class C	7.15%	10.97%	8.51%	11.23%	-11.89%	10.09%	7.88%	16.50%	-6.17%	10.57%
FAHCX Fidelity Advisor High Income Advantage Fund Class I	7.59%	12.06%	9.50%	12.15%	-11.15%	10.96%	8.94%	17.81%	-5.25%	11.74%

Correlation

The correlation between FAHEX and FAHCX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 3, 1994	0.95

The correlation between FAHEX and FAHCX has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

FAHEX vs. FAHCX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FAHEX

FAHEX Risk / Return Rank: 91
FAHEX Sharpe Ratio Rank: 90
FAHEX Sortino Ratio Rank: 90
FAHEX Omega Ratio Rank: 86
FAHEX Calmar Ratio Rank: 93
FAHEX Martin Ratio Rank: 94

FAHCX

FAHCX Risk / Return Rank: 93
FAHCX Sharpe Ratio Rank: 93
FAHCX Sortino Ratio Rank: 93
FAHCX Omega Ratio Rank: 90
FAHCX Calmar Ratio Rank: 95
FAHCX Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FAHEX vs. FAHCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor High Income Advantage Fund Class C (FAHEX) and Fidelity Advisor High Income Advantage Fund Class I (FAHCX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FAHEX	FAHCX	Difference
Sharpe ratio Return per unit of total volatility	2.99	3.20	-0.21
Sortino ratio Return per unit of downside risk	4.40	4.71	-0.31
Omega ratio Gain probability vs. loss probability	1.59	1.64	-0.05
Calmar ratio Return relative to maximum drawdown	5.32	5.71	-0.39
Martin ratio Return relative to average drawdown	21.71	23.97	-2.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAHEX vs. FAHCX - Sharpe Ratio Comparison

The current FAHEX Sharpe Ratio is 2.99, which is comparable to the FAHCX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of FAHEX and FAHCX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FAHEX	FAHCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	3.20	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	1.04	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	1.03	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.98	-0.21

Drawdowns

FAHEX vs. FAHCX - Drawdown Comparison

The maximum FAHEX drawdown since its inception was -49.00%, roughly equal to the maximum FAHCX drawdown of -48.10%. Use the drawdown chart below to compare losses from any high point for FAHEX and FAHCX.

Drawdown Indicators

	FAHEX	FAHCX	Difference
Max Drawdown Largest peak-to-trough decline	-49.00%	-48.10%	-0.90%
Max Drawdown (1Y) Largest decline over 1 year	-3.14%	-3.13%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-7.11%	-6.98%	-0.13%
Max Drawdown (5Y) Largest decline over 5 years	-15.76%	-15.16%	-0.60%
Max Drawdown (10Y) Largest decline over 10 years	-28.52%	-28.49%	-0.03%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.02%	-4.62%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.74%	+0.03%

Volatility

FAHEX vs. FAHCX - Volatility Comparison

Fidelity Advisor High Income Advantage Fund Class C (FAHEX) and Fidelity Advisor High Income Advantage Fund Class I (FAHCX) have volatilities of 1.72% and 1.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAHEX	FAHCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	1.70%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	4.38%	4.35%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	5.57%	5.58%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.35%	6.38%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.62%	7.63%	-0.01%

FAHEX vs. FAHCX - Expense Ratio Comparison

FAHEX has a 1.75% expense ratio, which is higher than FAHCX's 0.74% expense ratio.

Dividends

FAHEX vs. FAHCX - Dividend Comparison

FAHEX's dividend yield for the trailing twelve months is around 3.41%, less than FAHCX's 4.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAHCX Fidelity Advisor High Income Advantage Fund Class I	4.38%	4.73%	4.18%	4.70%	7.35%	4.94%	3.70%	4.51%	6.09%	4.95%	5.53%	4.42%
FAHEX Fidelity Advisor High Income Advantage Fund Class C	3.41%	3.73%	3.34%	3.80%	6.26%	3.92%	2.76%	3.50%	4.90%	3.91%	4.50%	3.45%

Frequently Asked Questions

Can I hold both FAHEX and FAHCX in my portfolio?

With a correlation of 0.98, FAHEX and FAHCX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FAHEX or FAHCX?

FAHEX has higher volatility (1.72%) compared to FAHCX (1.70%). In terms of maximum drawdown, FAHEX dropped -49.00% vs FAHCX's -48.10%.

Which has better risk-adjusted returns?

FAHCX currently has the higher Sharpe Ratio (3.20 vs 2.99), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.